Succession Planning: Playing the long game

Family members may have to change their approach to their businesses in order to adapt to the times we live in, writes Margaret O'Brien.

28th April, 2012
Succession Planning: Playing the long game
Rory Meehan, partner and head of taxation; Mary Nyhan, partner, taxation; Declan O'Hanlon, partner, taxation; and Geraldine Beattie, senior manager, taxation, Longford Office, RSM Farrell Grant Sparks. Photo: Maura Hickey

These are challenging times for most family-owned and family-run businesses across Ireland and, while the current focus may be to concentrate on survival, most know that the issue of succession will have to be considered and dealt with notwithstanding the pressures of everyday business.

Declan O'Hanlon, tax partner with audit, tax and advisory Firm RSM Farrell Grant Sparks said that the earlier the better when dealing with succession issues. "Circumstances differ: some family business owners...

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